KATHMANDU: Gold this week opened with yet another price decline of Rs 125 compared to the opening price last week. Gold this week got traded for Rs 22,850 per 10 gram this Sunday, said Nepal Gold and Silver Dealers’ Association (NEGOSIDA). Gold rose by Rs 40 to reach Rs 22,890 on Monday. It again rose by Rs 610 on Tuesday to go up to Rs 23,500 per 10 gram. A slight fall of Rs 50 occurred on Wednesday with gold dropping to Rs 23,450. It again rose by Rs 210 on Thursday to reach Rs 23,660. Gold this week closed at Rs 23,835 per 10 gram, a hike of Rs 985 compared to the opening price.
Gold abroad closed at $873 per ounce last Friday. This Friday, the international market for gold closed at $909 per ounce. However, despite record demand and the fact that the price of gold in the international market has risen for eight straight years, the production of the yellow metal has been falling. In fact, gold production has been falling every year since 2001. In addition, reserves are not being replaced, not by a long shot.
There are some industrial uses of gold and, of course, jewellery. Gold is a monetary metal, and in that sense, the demand for gold has remained robust, if not record-setting.
Meanwhile, silver opened at Rs 344 per 10 gram on Sunday and was traded for the same price till Wednesday. On Thursday, silver priced at Rs 345.
It closed at Rs 351.50 per 10 gram on Friday.